XRP price – Ripple CTO on How NFT and its “Interesting Things” can Solve Issues
- Ripple CTO, David Schwartz explains 2 “Interesting Things” about NFT and how it can solve problems
- People might not understand their connection to NFTs, or how they get to own it but that connection matters
- NFTs are a step towards resolving the issue of perishable digital rights and ownership
- Wietse Wind, of the XRPL Labs, discussed a proposal for XRP Ledger to have support for NFTs
David Schwartz, Chief Technology Officer of the blockchain network based in the United States Ripple, proposed viewing non-fungible token (NFT) as more than just some kind of collectible or digital asset. He specifically stressed the problem-solving aspect of the NFTs, of how and what issues NFTs might be able to solve. This made Schwartz realize two interesting things about NFTs.
Human Urge to Collect NFT tokens
The first and most interesting thing about NFT is that the holder gets to acquire and collect it. The human urge to collect is a basic instinct. Schwartz further added, people might not understand their connection to NFT, how & what connects them or even how they get to own it but this connection matters. As per the CTO, every connection is unique, any bond that a person has with another is special and can’t be shared by anyone else.
Dependable Digital Rights
The next on the list is the user’s digital rights. The XRP Ledger architect is of the opinion that today we have loads of digital rights, which vary and range from in-app purchases in games to songs, books, and movies bought virtually, to enable digital services. But as users, their experience on those platforms is utterly terrible. Adding to the fact that all these items and services are extinguishable, makes one question if it’s even worth the trouble. Everything bought can be lost, either it’s because the service provider is out of business or the user is switching platforms or something else; what matters is once lost, not much can be done and even the ones that can be done, might cost a fortune. Here Schwartz feels, NFTs might be a step in the direction to resolve the issue.
Plans for Ripple’s XRP & NFTs
On the other hand, during late February, Wietse Wind, the founder of Ripple-backed development studio XRPL Labs, along with the developers of XRP Ledger, discussed a proposal for XRP Ledger to have support for NFT. The plus point being, this addition won’t make any change to the Ledger. Schwartz is very impressed with the idea but he’s not yet satisfied. To him, it’s still not “embracing of NFTs”.
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XRP price – Ripple CTO on How NFT and its “Interesting Things” can Solve Issues
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